What is ‘Simple Interest’?
Simple interest is a quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Simple Interest formula:
Simple interest formula is given by:
Simple Interest = (P x T x R)/100
P is the principle amount
T is the time and
R is the rate
EXAMPLE1: Input : P = 10000 R = 5 T = 5 Output :2500 We need to find simple interest on Rs. 10,000 at the rate of 5% for 5 units of time. EXAMPLE2: Input : P = 3000 R = 7 T = 1 Output :210
The formula to calculate the simple interest is: simple_interest = (P * T * R) / 100 where P is principal amount, T is time & R is rate of interest.
Simple Interest : 0.01
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